POST PROPERTIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
Three Months
Ended March 31, Year Ended December 31,
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2002 2001 2000 1999 1998 1997
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Pre-tax income (loss) from
continuing operations $ 22,553(1) $ 86,927(1) $100,520(1) $104,975(1) $ 88,950(1) $ 54,947(1)
Minority interest in the income of
subsidiary with fixed charges 4,095 15,803 17,291 14,449 11,511 11,131
-------- -------- -------- -------- -------- --------
26,648 102,730 117,811 119,424 100,461 66,078
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Fixed Charges:
Interest incurred and amortization
of debt discount and premium on
all indebtedness 19,515 82,032 77,365 56,105 48,189 35,205
Rentals - 33.34% (2) 564 2,801 2,835 2,385 2,220 1,686
Preferred dividends required of
consolidated subsidiaries 1,400 5,600 5,600 1,851
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Total fixed charges 21,479 90,433 85,800 60,341 50,409 36,891
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Earnings before income taxes,
minority interest and fixed charges 48,127 193,163 203,611 179,765 150,870 102,969
Adjustment for capitalized interest (4,433) (22,124) (25,426) (21,417) (15,707) (9,567)
Preferred dividends required of
consolidated subsidiaries (1,400) (5,600) (5,600) (1,851)
-------- -------- -------- --------------------------------------
Total earnings $ 42,294 $165,439 $172,585 $156,497 $ 135,163 $ 93,402
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RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS (3) 1.7 1.6 1.8 2.2 2.2 2.2
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(1) Included in the pre-tax income from continuing operations for 2002,
2001, 2000, 1999, and 1997 were non-recurring gains/(losses) of
$13,373, $23,942, $3,208, ($1,522) and $3,270, respectively, relating
to the sale of real estate assets as disclosed in the Company's
consolidated financial statements. If such sales had not occurred, the
ratio of earnings to fixed charges would have been 1.2, 1.4, 1.7, 2.2
and, 2.2 for 2002, 2001, 2000, 1999 and 1997, respectively.
(2) The interest factor of rental expense is calculated as one-third of
rental expense for all leases except for two leases for which the
interest factor is calculated as 100% of rental expense. The Company
believes these represent appropriate interest factors.
(3) Calculated as total earnings divided by the sum of total fixed charges
plus dividends to preferred stockholders.
POST APARTMENT HOMES, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS
ENDED MARCH 31, YEAR ENDED DECEMBER 31,
--------------- ------------------------------------------------------------------------
2002 2001 2000 1999 1998 1997
--------------- ----------- ----------- ----------- --------- -----------
Pre-tax income (loss) from
continuing operations $ 26,648(1) $ 102,637(1) $ 117,811(1) $ 119,424(1) $ 100,461 $ 66,078(1)
Fixed Charges:
Interest incurred and amortization
of debt discount and premium on
all indebtedness 19,515 82,032 77,365 56,105 48,189 35,205
Rentals - 33.34% (2) 564 2,801 2,835 2,385 2,220 1,686
-------- --------- --------- --------- --------- ---------
Total fixed charges 20,079 84,833 80,200 58,490 50,409 36,891
-------- --------- --------- --------- --------- ----------
Earnings before income taxes,
minority interest and fixed charges 46,727 187,470 198,011 177,914 150,870 102,969
Adjustment for capitalized interest (4,433) (22,124) (25,426) (21,417) (15,707) (9,567)
-------- --------- --------- --------- --------- ---------
Total earnings $ 42,294 $ 165,346 $ 172,585 $ 156,497 $ 135,163 $ 93,402
======== ========= ========= ========= ========= =========
RATIO OF EARNINGS TO FIXED CHARGES 2.1 1.9 2.2 2.7 2.7 2.5
======== ========= ========= ========= ========= =========
(1) Included in the pre-tax income from continuing operations for 2002,
2001, 2000, 1999 and 1997 were non-recurring gains/(losses) of
$13,275, 23,942, $3,208, ($1,522) and 3,270, respectively, relating to
the sale of real estate assets as disclosed in the Company's
consolidated financial statements. If such sales had not occurred, the
ratio of earnings to fixed charges would have been 1.4, 1.7, 2.1, 2.7
and 2.4, for 2002, 2001, 2000, 1999 and 1997, respectively.
(2) The interest factor of rental expense is calculated as one-third of
rental expense for all leases except for two leases for which the
interest factor is calculated as 100% of rental expense. The Company
believes these represent appropriate interest factors.